The long-term bearish trend in this currency pair remains valid, but relative strength in the Euro has continued as the Dollar weakens slightly or consolidates.
, although that move was widely expected.
This currency pair is prone to making deep retracements within trends, which is a reason to be cautious on any bullish approach here. However, it is significant that the price is continuing to establish new higher support levels , while it invalidates some former resistance levels. These levels are good benchmarks to use in evaluation medium-term trends.
The key pivotal point for today looks likely to be the support level which I have identified at $1.0032. A long trade from a bullish bounce here could be interesting as a short-term trade, and if the price does not decisively break below this level, the technical outlook here should remain at least weakly bullish.if it is reached later.Ready to trade our
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